Maplight Therapeutics (NASDAQ:MPLT) Trading Down 6.9% – Here’s What Happened

Maplight Therapeutics, Inc. (NASDAQ:MPLT)’s stock price dropped 6.9% during mid-day trading on Friday . The company traded as low as $27.79 and last traded at $27.3910. Approximately 147,620 shares were traded during trading, a decline of 29% from the average daily volume of 206,496 shares. The stock had previously closed at $29.41.

Analysts Set New Price Targets

MPLT has been the topic of a number of analyst reports. Weiss Ratings initiated coverage on Maplight Therapeutics in a research note on Thursday, January 22nd. They set a “sell (e)” rating on the stock. TD Cowen assumed coverage on Maplight Therapeutics in a research report on Tuesday, April 7th. They set a “buy” rating for the company. Needham & Company LLC assumed coverage on Maplight Therapeutics in a research report on Wednesday. They set a “buy” rating and a $37.00 target price for the company. Canaccord Genuity Group assumed coverage on Maplight Therapeutics in a research report on Thursday, March 19th. They set a “buy” rating and a $35.00 target price for the company. Finally, Wall Street Zen cut Maplight Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, March 21st. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Maplight Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $32.67.

Maplight Therapeutics Stock Down 9.1%

The business has a 50-day moving average price of $18.85. The firm has a market cap of $1.13 billion and a price-to-earnings ratio of -0.67.

Maplight Therapeutics (NASDAQ:MPLT) last posted its earnings results on Thursday, March 26th. The company reported ($2.47) EPS for the quarter, missing the consensus estimate of ($1.05) by ($1.42).

Insider Buying and Selling

In other news, Director Robert C. Malenka sold 21,262 shares of the company’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $18.55, for a total value of $394,410.10. Following the completion of the transaction, the director directly owned 371,885 shares in the company, valued at approximately $6,898,466.75. This represents a 5.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director George Pavlov acquired 10,658 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was purchased at an average price of $17.48 per share, with a total value of $186,301.84. Following the completion of the acquisition, the director directly owned 10,658 shares in the company, valued at approximately $186,301.84. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders acquired 39,124 shares of company stock worth $693,846 and sold 74,612 shares worth $1,368,065.

Hedge Funds Weigh In On Maplight Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Strs Ohio purchased a new position in shares of Maplight Therapeutics in the 4th quarter worth about $53,000. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Maplight Therapeutics in the 4th quarter worth about $70,000. New York State Common Retirement Fund purchased a new position in shares of Maplight Therapeutics in the 4th quarter worth about $93,000. MetLife Investment Management LLC purchased a new position in shares of Maplight Therapeutics in the 4th quarter worth about $172,000. Finally, Walleye Capital LLC purchased a new position in shares of Maplight Therapeutics in the 4th quarter worth about $205,000.

About Maplight Therapeutics

We are a clinical-stage biopharmaceutical company focused on improving the lives of patients suffering from debilitating central nervous system, or CNS, disorders. We were founded by globally recognized leaders in psychiatry and neuroscience research to address the lack of circuit-specific pharmacotherapies available for patients. Our discovery platform holds the potential to fill this void by identifying neural circuits causally linked to disease and targeting those circuits for therapeutic modulation.